Executive Summary:
This thorough and detailed strategic marketing launch strategy provides a framework for presenting the ground-breaking AI-powered virtual assistant developed by the University of Hertfordshire Business School to transform customer assistance. Essential elements covered in the process include product design, business model, stakeholder analysis, launch plan, brand positioning, marketing objectives, budget allotment, performance indicators, time-scaled schedule, promotional messaging, and funding needs. The project seeks to address these issues to guarantee a successful market entry, build a strong brand presence, and provide unmatched customer support experiences.
New Product Recommendation:
The new product is an artificial intelligence (AI)-powered virtual assistant to streamline and improve customer interactions. This good or service provides a sophisticated natural language processing system that comprehends and reacts to consumer enquiries in real-time, thereby delivering personalised and efficient solutions (Ahmed et al., 2022). It solves companies’ common problem of managing enormous customer queries, lowering the time it takes to respond to those enquiries, and boosting overall customer happiness. This forward-thinking technology can transform customer service by automating repetitive operations, liberating essential resources, and providing a streamlined and individualised customer experience.
Business Model (Business Model Canvas):
The business model canvas provides an in-depth summary of how the product or service will generate value for the company as well as for the customers of the company. The client segments, the value offer, the channels, the customer relationships, the income streams, the key activities, the essential resources, the crucial partnerships, and the cost structure are all included in the canvas.
The customer segments part of the canvas identifies and defines the specific categories of consumers that the virtual assistant will serve, such as e-commerce enterprises, software companies, or financial institutions. For example, the customer segments may include software companies, e-commerce businesses, or financial institutions. It investigates each consumer segment’s specific requirements, inclinations, and problem areas, ensuring that the value proposition and marketing methods are adapted to meet their requirements.
Within the canvas context, the term “value proposition” refers to the section describing the enticing benefits and advantages the virtual assistant brings to the various customer segments. It stresses the simplicity, efficiency, and personalised help it delivers, enabling organisations to enhance their skills for providing customer service and boosting levels of customer satisfaction.
Form of Ownership:
The new AI-powered virtual assistant product developed by the University of Hertfordshire Business School is advised to be owned as a corporation, which is the recommended form of ownership. This form is in line with the strategic goals and objectives of the university, and it offers the essential legal and financial structure to support the product’s debut and its continued expansion over time.
Stakeholders Analysis:
A thorough examination of the stakeholders identifies the individuals and organisations that will either have an impact on the introduction of the new product or will themselves be impacted by it. The University of Hertfordshire Business School, as well as its professors, students, and potential consumers, as well as industry experts, competitors, and suppliers, as well as regulatory authorities, are among the key stakeholders. In order to effectively engage and cooperate with them, marketing plans and techniques need to be informed by comprehension of their interests, requirements, and potential impact.
Launch Plan:
a) Proposed Date and Channel of Communication:
It is planned that the launch announcement will take place in December of 2023. The annual general meetings (AGMs), website, and social media will primarily be used as the communication channels to ensure broad reach and engagement with the target audience (Enke & Borchers, 2019).
b) Brand and Positioning:
The product will be marketed to consumers as a cutting-edge, brilliant virtual assistant solution that transforms customer service. The brand will emphasise efficacy, simplicity, and exceptional customer experiences by utilising its sophisticated natural language processing skills and taking a more individualised approach. Reliability, reactivity, and the capacity to adapt to a wide variety of consumer requirements will be among the most essential characteristics of the brand. Additionally, it will highlight the brand’s commitment to continuous innovation and staying ahead of the technological advancements occurring in the customer support industry. By putting more emphasis on these characteristics, the brand will differentiate itself from its rivals and build a powerful presence in the market.
Integrity, openness, and a focus on the customer will be part of the brand’s core principles. This will help the company earn its customers’ trust and foster long-term relationships with those customers. The ability of the brand to give real-time, accurate, and individualised service will be one of its unique selling propositions (Jeffares, 2020). By doing so, the brand will save businesses time and resources while improving customer happiness. This positioning will resonate with the target market because it addresses the pain points experienced by that market and fulfils the expectations of its members regarding the efficiency and effectiveness of customer care.
c) Business and Marketing Objectives (SMART):
The University of Hertfordshire Business School’s AI-powered virtual assistant will have SMART objectives for its introduction that are intended to be precise, measurable, achievable, pertinent, and time-bound. The goals consist of the following:
- Attain a 10% market share within the first two years
- One thousand consumers within the first six months of the product’s release.
- Within the first year of operation, generate $500,000 in revenue.
- 80% of the target market has to become aware of the brand within the first three months.
- Ninety per cent customer satisfaction in the first year after deployment.
These SMART goals are clear, measurable, attainable, and in line with the overall objectives of the launch. They also have definite deadlines for evaluation (Gretzel & Collier de Mendonça, 2019). The launch team may effectively monitor progress, gauge performance, and make data-driven decisions by establishing these goals in order to promote the expansion and success of the virtual assistant product or service.
d) Marketing Mix:
According to Rajath & Santhoshkumar (2020), The marketing mix comprises product, price, place, and promotion strategies. This new business approach will utilise the following strategies:
Product: Define the features, advantages, and customizability choices for the product or service to suit consumer needs.
Price: Determine the pricing strategy, considering cost, value, and competitive factors.
Place: Identify the distribution channels and physical/digital locations to reach the target market.
Promotion: Create a marketing communication strategy integrating public relations, sales promotion, personal selling, and advertising.
e) Budget, Measures, and Controls:
Set aside money for marketing initiatives and develop key performance indicators (KPIs) to track and assess the launch’s success. The launch strategy will remain on schedule and be able to be altered as necessary with the help of regular performance assessments and feedback methods.
f) Time-scaled Plan (Gantt Chart):
The launch plan’s timeframe and activity sequence will be represented visually using a Gantt chart. It will contain important dates, assignments, people in charge, and projected times. This graphic depiction will aid in efficient project management and guarantee that the plan is carried out on schedule.
Creative Promotional Message:
We recommend Facebook and Instagram for social media. The A-I Powered Virtual Assistance’s creative promotional message should be compelling, succinct, and visually appealing (Rajath & Santhoshkumar, 2020). The product’s main advantages, characteristics, and distinctive value proposition should be emphasised. The message needs to be adjusted to appeal to the target audience on the chosen social media platform and motivate them to act.
Funding:
The amount needed for the launch and ongoing marketing initiatives will vary depending on several variables, including the price of producing the product, distributing it, promoting it, and paying for the necessary staff. To guarantee that sufficient financial resources are allocated to support the successful introduction and expansion of the new product, a thorough budget will be established, considering all of these factors.
References
Ahmed, A. A. A., Agarwal, S., Kurniawan, I. G. A., Anantadjaya, S. P., & Krishnan, C. (2022). Business boosting through sentiment analysis using Artificial Intelligence approach. International Journal of System Assurance Engineering and Management, 13(Suppl 1), 699-709.
Enke, N., & Borchers, N. S. (2019). Social media influencers in strategic communication: A conceptual framework for strategic social media influencer communication. International journal of strategic communication, 13(4), 261-277.
Gretzel, U., & Collier de Mendonça, M. (2019). Smart destination brands: semiotic analysis of visual and verbal signs. International Journal of Tourism Cities, 5(4), 560-580.
Jeffares, S. (2020). The virtual public servant: Artificial intelligence and frontline work. Springer Nature.
Rajath, K., & Santhoshkumar, N. (2020). Effectiveness of marketing strategy of ‘neera health drink with reference to the 4Ps of marketing. IJ360MR, 7(4), 2320-7132.
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